Nifty closes just above 15,800; PSU banks, metals, and financials drag the market

Adani Ports, IndusInd Bank, Tata Motors, and Tata Steel emerged as the top losers. However, Wipro, Eicher Motors, HCL Technologies, and TCS managed to close higher despite weakness in the market.   .

Market update at 3.30 PM: Indices have fallen for the sixth consecutive day while Nifty plunged about 2.22 per cent to close at 15,808. Sensex tanked about 1,158 points while Nifty Midcap and Nifty Smallcap lost about 2.33 per cent & 1.87 per cent, respectively.  

All the sectors closed in the red. Nifty PSU Bank (-5.39 per cent), Nifty Metal (-3.70 per cent), and Nifty Bank (-3.35 per cent) were the top draggers of the market. Adani Ports, IndusInd Bank, Tata Motors, and Tata Steel emerged as the top losers. However, Wipro, Eicher Motors, HCL Technologies, and TCS managed to close higher despite weakness in the market.   

With such negativity, India VIX surged about 6.41 per cent.   

On the technical chart, Nifty rests at a crucial support level and had come closer to its March low. Any fall below the level of 15,700 can trigger a strong bearish trend.

Market update at 12.35 PM: Indices are trading at their day's low while Nifty has plunged to 15,800. The index is down by 2.12 per cent and Sensex has lost about 1,070 points. Nifty Midcap and Nifty Smallcap have lost over 1.80 per cent & 2.56 per cent, respectively.  

All the sectors are in deep red while India VIX has further climbed to 9.85 per cent. Overall, the sentiment is very bearish. 

Market update at 10.15 AM: Indices continue to fall as Nifty plunged below the level of 15,900. It is down by 1.85 per cent while Sensex has tanked about 940 points. Nifty Midcap and Nifty Smallcap are down by 2.26 per cent & 1.358 per cent, respectively. 

The advance-decline ratio stands at 298/1,588. 

There are just two stocks on the top gainers’ list namely, TCS and HCL Technologies.  

Meanwhile, Hindalco, Tata Motors, and IndusInd Bank are the top losers. With this, India VIX has surged over 7 per cent.  

Market update at 9.25 AM: Indices have opened lower while Nifty is below the 16,000-level. It is down by 1.50 per cent while Sensex has lost about 800 points. Nifty Midcap and Nifty Smallcap have fallen 1.68 per cent & 2.10 per cent, respectively.  

All the sectors are in red and India VIX is at 23.68, surging over 3 per cent.  

Pre-market update: Last night, the US markets closed sharply lower on account of the higher-than-expected inflation rate. The CPI for the month of April stood at 8.3 per cent against an estimated 8.1 per cent. NASDAQ slipped about 3.18 per cent while Dow Jones lost around 326 points and closed at the day's low.  

With this, most of the Asian markets have opened weak, and SGX Nifty indicates a gap-down opening of about 170 points.  

Delhivery IPO got subscribed 21 per cent on Day 1 while the retail portion got subscribed 30 per cent.  

In the last trading session, the FIIs have sold to the tune of Rs 3,609 crore while the DIIs bought about Rs 4,181 crore worth of equity.  

Nifty is likely to open with a loss of nearly a per cent. Volatility shall be the key factor to watch in today's weekly expiry.